Wednesday, July 25th, 2018
HMRC have stated that they will introduce a penalty administration charge for all anti-money laundering supervision penalties issued from 25/07/18. The charge is for costs of enforcement actvity on businesses that do not comply with the Money Laundering Regulations.
HMRC will charge up to £1,500.00 as well as the penalties for breaches of the Money Laundering Regulations such as failures for
HMRC will in addition charge up to £350.00 as well as the penalties for failures to
Comment -the HMRC decision appears to be a penalty on top of a penalty. Businesses must ensure that there due diligence policies & procedures. risk assessment, customer, due diligence and record keeping are regularly reviewed and kept up to date.